[Federal Register Volume 72, Number 192 (Thursday, October 4, 2007)]
[Notices]
[Pages 56805-56806]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E7-19548]
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SECURITIES AND EXCHANGE COMMISSION
Submission for OMB Review; Comment Request
Upon Written Request, Copies Available From: Securities and Exchange
Commission, Office of Investor Education and Advocacy, Washington, DC
20549-0213
Existing Collection; New OMB Control No.:
Rule 0-4, SEC File No. 270-569, OMB Control No. 3235-xxxx
Notice is hereby given that pursuant to the Paperwork Reduction Act
of 1995 (44 U.S.C. 3501 et seq.) the Securities and Exchange Commission
(``Commission'') has submitted to the Office of Management and Budget
(``OMB'') a request for approval of the collection of information
discussed below.
Rule 0-4 (17 CFR 275.0-4) under the Investment Advisers Act of 1940
(``Act'' or ``Advisers Act'') (15 U.S.C. 80b-1 et seq.) entitled
``General Requirements of Papers and Applications,'' prescribes general
instructions for filing an application seeking exemptive relief with
the Commission. Rule 0-4 currently requires that every application for
an order for which a form is not specifically prescribed and which is
executed by a corporation, partnership or other company and filed with
the Commission contain a statement of the applicable provisions of the
articles of incorporation, bylaws or similar documents, relating to the
right of the person signing and filing such application to take such
action on behalf of the applicant, and a statement that all such
requirements have been complied with and that the person signing and
filing the application is fully authorized to do so. If such
authorization is dependent on resolutions of stockholders, directors,
or other bodies, such resolutions must be attached as an exhibit to or
quoted in the application. Any amendment to the application must
contain a similar statement as to the applicability of the original
statement of authorization. When any application or amendment is signed
by an agent or attorney, rule 0-4 requires that the power of attorney
evidencing his authority to sign shall state the basis for the agent's
authority and shall be filed with the Commission. Every application
subject to rule 0-4 must be verified by the person executing the
application by providing a notarized signature in substantially the
form specified in the rule. Each application subject to rule 0-4 must
state the reasons why the applicant is deemed to be entitled to the
action requested with a reference to the provisions of the Act and
rules thereunder, the name and address of each applicant, and the name
and address of any person to whom any questions regarding the
application should be directed. Rule 0-4 requires that a proposed
notice of the proceeding initiated by the filing of the application
accompany each application as an exhibit and, if necessary, be modified
to reflect any amendment to the application.
The requirements of rule 0-4 are designed to provide Commission
staff with the necessary information to assess whether granting the
orders of exemption are necessary and appropriate in the public
interest and consistent with the protection of investors and the
intended purposes of the Act.
Applicants for orders under the Advisers Act can include registered
investment advisers, affiliated persons of registered investment
advisers, and entities seeking to avoid investment adviser status,
among others. Commission staff estimates that it receives approximately
9 applications per year submitted under rule 0-4 of the Act. Although
each application typically is submitted on behalf of multiple
applicants, the applicants in the vast majority of cases are related
entities and are treated as a single respondent for purposes of this
analysis. Most of the work of preparing an application is performed by
outside counsel and, therefore, imposes no hourly burden on
respondents. The cost outside counsel charges applicants depends on the
complexity of the issues covered by the application and the time
required. Based on conversations with applicants and attorneys, the
cost ranges from approximately $7,000 for preparing a well-precedented,
routine application to approximately $80,000 to prepare a complex or
novel application. We estimate that the Commission receives 2 of the
most time-consuming applications annually, 4 applications of medium
difficulty, and 3 of the least difficult applications subject to rule
0-4. This distribution gives a total estimated annual cost burden to
applicants of filing all applications of
[[Page 56806]]
$355,000 [(2x$80,000) + (4x$43,500) + (3x$7,000)]. The estimates of
annual burden hours and costs are made solely for the purposes of the
Paperwork Reduction Act, and are not derived from a comprehensive or
even representative survey or study of the costs of Commission rules
and forms.
The requirements of this collection of information are required to
obtain or retain benefits. Responses will not be kept confidential. An
agency may not conduct or sponsor, and a person is not required to
respond to a collection of information unless it displays a currently
valid control number.
General comments regarding the above information should be directed
to the following persons: (i) Desk Officer for the Securities and
Exchange Commission, Office of Information and Regulatory Affairs,
Office of Management and Budget, Room 10102, New Executive Office
Building, Washington, DC 20503 or e-mail to: [email protected] ; and (ii) R. Corey Booth, Director/Chief Information
Officer, Securities and Exchange Commission, C/O Shirley Martinson,
6432 General Green Way, Alexandria, VA 22312, or send an e-mail to:
[email protected]. Comments must be submitted to OMB within 30 days
of this notice.
Dated: September 27, 2007.
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-19548 Filed 10-3-07; 8:45 am]
BILLING CODE 8011-01-P